paying down debt

[budsmoker87]

I owe $9k in college debt. It sucks and I resent paying it, cuz my 3 years of school taught me a lot but nothing that equated to dollars or knowledge that helped me toward $



It is what it is though...



Today I was calculating the amount of annual compounding interest (monthly/yearly/total)


$213 payment a month at a rate of 3.6% is like $7.... 90-something bucks a year


but over the course of time it'd take to pay back the loan the interest amounts to like 940.... and when i saw that on a calculator it hit me...that's like an extra thou!



my debts are REALLY 10k, not 9


so i was wondering if anybody knew if I could get a better rate if i say i wanna pay down half of it now...$4,500- $5k. Do they adjust college loan rates?


I could just pay the $9,000 in full... but umm no thanks, that's a good chunk of my funds

 

[kermit2692]

if you actually are saying you have the 9000 to pay it off then i highly suggest paying it off....

 

[nick17gar]

if you actually are saying you have the 9000 to pay it off then i highly suggest paying it off....

actually, if you have the full amount, call them and tell them you wanna pay 7k and no more. they will accept if your a halfway decent negotiator.

tell them otherwise, youll let it go into collections, and there, they will definitely accept 7k.

 

[budsmoker87]

i do have the $9k... and could comfortably pay it off...it would just suck dirty dick, especially since I haven't been working for a little while (changing in the next 2 wks).



imagine a trillion dollars (total student loan debt)... at 3.6% (was gonna go to 6.8% but congress just re-capped another $20 billion on student loans) lol



ok now imagine the entire country at all diff interest rates paying a GND of $16 trillion



fractional reserve banking= most GENIUS way to create spawn fake wealth to grow exponential true wealth...and make politics totally subservient/subordinate to banks

 

[codster25]

i do have the $9k... and could comfortably pay it off...it would just suck dirty dick, especially since I haven't been working for a little while (changing in the next 2 wks).



imagine a trillion dollars (total student loan debt)... at 3.6% (was gonna go to 6.8% but congress just re-capped another $20 billion on student loans) lol



ok now imagine the entire country at all diff interest rates paying a GND of $16 trillion



fractional reserve banking= most GENIUS way to create spawn fake wealth to grow exponential true wealth...and make politics totally subservient/subordinate to banks[/QUOTS

wow

 

[kermit2692]

actually, if you have the full amount, call them and tell them you wanna pay 7k and no more. they will accept if your a halfway decent negotiator.

tell them otherwise, youll let it go into collections, and there, they will definitely accept 7k.

thats horrible advice.. when you settle on a debt it hurts your credit...it has nothing to do with negotiating lol they will almost always settle if it looks like they are going to have trouble getting the money

 

[Mr Strickland]

This is why I never went to college. I may be a broke ignorant bastard but I don't owe anyone shit.

 

[smokingbluntsadailyroutin]

hate to get the pay check and pay all ur debts out and when i mean debts i mean my weed dealer

 

[smokingbluntsadailyroutin]

esp when u got a new piece and u don't have enough money to buy weed to smoke it

 

[Mr Strickland]

NYC is the worst place to be a pothead in America and quite possibly the developed world.
Shit quality, fake names, gangster dealers, super troopers, and the highest prices on earth.
I love NYC but could never live there just cause your weed scene is ass.

However it ain't a bad place to be a dealer, you can make some serious money with those insane prices.

 

[PJ Diaz]

Why not just pay $1k a month for 9 months and save a shitload of interest?

 

[smokingbluntsadailyroutin]

ur not kidding being from nyc is killing my pockets yoo

 

[cbtbudz]

if you have federal loans they wont negoitate.then it matters if its sub or unsub loans.signing up for autodebit saves you .25% on your interest rate.if you have sub loans while in deferment the gov pays for your interest so try to pay off as much as possible while in deferment.

 

[budsmoker87]

thanks ebt...i looked into everything you said and have made a decision on how to handle it

 

[cbtbudz]

no prob i worked in the direct loan call center b4.i know most of the in and outs.

 

[futureprospects]

college debt gambling debt weed debt never good got to step my game up and start selling to make the guap

 

[guy incognito]

Your education seems to have worked out well if you have enough to pay the loan off in full. Unless you are going to get a better return than 3.6% or you need the money set aside in case of potential emergency, then pay it off. I know it sucks sending off that money, but it feels so good to see the debt drop from 9k to ZERO.

 

[budsmoker87]

my job has nothing to do with having gone to college....at all


I've worked on a drilling rig in the oilfield



anybody can earn 6 figures, fresh outta high school, in the oilfield...so long as you're 18 years old, can pass a urine test & willing to work

 

[Franklinstein]

thanks ebt...i looked into everything you said and have made a decision on how to handle it

Ski mask and a shotgun?

Personally I'd stash 3 months expenses in the bank, then pay down as aggressively as possible ($1k/month sounds good).

 

[Balzac89]

I had 3500 I hunkered down and paid it off in less than 6 months.